Swiss Banks See Bitcoin Futures Opening Up Cryptocurrency Market

(Bloomberg) — Switzerland’s Vontobel Holding AG and Falcon Private Bank, both of which offer their clients ways to speculate on bitcoin, say the cryptocurrency’s best days are ahead of it.

The imminent launch of bitcoin futures will trigger a flurry of new product launches in the digital currency that are likely to push the price even higher, according to the private banks. Cboe Global Markets Inc. debuts the first bitcoin-futures product on Sunday, while CME Group Inc. (NASDAQ:), the world’s largest exchange owner, will start offering a similar product by the end of the year.

Clients’ views are polarized between those that see the new products as bitcoin’s route into the mainstream of financial markets, and those who believe it’s a bubble waiting to burst, said Heiko Geiger, executive director at Vontobel in Frankfurt. touched a record high of more than $17,000 on Friday, having surged about 1,500 percent this year.

“Views are very clear cut,” Geiger said. “Some investors expect more liquidity in the market through the introduction of the future contracts while others are preparing to short crypto. Overall, clients are bullish.” […]

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